UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT for Edwards Lifesciences

In a daily letter published earlier today, Canaccord Genuity reiterated its Buy rating for Edwards Lifesciences LLC

and raised its price target from $103.00 to $123.00. Canaccord went on to say “The ACC, STS, and CMS hosted a webinar late last week on the TVT registry, to which TAVI centers must contribute per FDA & CMS requirements. Experts from these agencies highlighted earlier-than-expected progress, which we think could be a positive signal for TAVI utilization, as the registry is tied to reimbursement. We maintain our 2012 US SAPIEN estimates, but think upside is possible. We reiterate our BUY and increase our target to $123 from $103. Notably, our new PT still uses a lower P/E/G multiple than the one currently afforded the large-cap comp group, reflecting conservatism in our valuation analysis.” Edwards Lifesciences LLC closed on Friday at $101.56.